Read in the Digest
- Bank of America (NYSE:BAC) launches crypto research, institutional inflows of BTC reach 7 weeks.
- NFT sales jump, reaching a new ATH, India’s crypto market grows by 641%.
- Ripple case update: XRP holders to assist in future briefings.
- Swiss Post launches Switzerland’s first crypto stamp.
Bank of America Launches Crypto Research, Institutional Inflows of BTC Reach 7 Weeks
As crypto adoption increases, the Bank of America, one of Wall Street’s largest banks, has launched a research coverage for digital assets. The bank has integrated a specialist unit, led by Alkesh Shah, to feed growing institutional demand for crypto.
According to the BoA, the $2 trillion market cap crypto industry has the “potential to transform every industry by improving efficiency and reducing friction across transactions.”
For Bitcoin, institutional investment has recorded seven straight weeks of inflows. According to reports, the increasing investment comes as institutional investors warmed to more supportive statements from regulators.
Over the last week, ending October 1st, the crypto industry recorded $90.2 million in institutional inflow. Bitcoin remained the largest contributor with $69 million. Over the past seven weeks, crypto inflows reached $390 million and $6.1 billion in 2021.
Flipsider:
- CEO of JP Morgan Jamie Dimon claimed Bitcoin has no intrinsic value, and regulators will “regulate the hell out of It.”
Why You Should Care
The increasing involvement of institutional investors in the crypto industry comes amidst confidence in the more accommodative statements from the U.S. SEC and the Federal Reserve.
NFT Sales Jump, Reaching a New ATH, India’s Crypto Market Grows By 641%
NFTs have exploded in 2021, making it almost impossible to discuss cryptocurrencies without talking about NFTs. Their popularity is driven by multiple use cases and wide scale adoption from celebrities.
A report shows that the NFT mania drove sales volumes for Q3 2021 up to an astonishing $10.7 billion. Compared with the $1.3 billion and $1.2 billion registered in Q1 and Q2, NFT sales grew by more than 8X in Q3.
As the crypto market expands, a report has identified India as one of the world’s fastest-growing crypto regions. According to a Chainanalysis Study, India’s crypto market has grown by 641% over the past year.
The study revealed that Indians are particularly fond of Decentralized Finance, where they take part in 59% of activities on DeFi platforms. In addition, institutional-sized transactions (over $10 million) accounted for 42% of transactions sent from India-based addresses.
Flipsider:
- While India’s market grew by 641% over the past year, Pakistan eclipsed that growth with 711% over the same period.
Why You Should Care
The news confirms the increasing adoption of cryptocurrencies and their other products.
Ripple Case Update: XRP Holders to Assist in Future Briefings
Nine months after the Securities and Exchange Commission (SEC) filed against Ripple for offering illegal securities, we are yet to see a conclusive decision on the matter. However, the case has taken a turn, with XRP holders themselves getting involved.
The SEC vs Ripple case judge has granted power to a prominent XRP advocate and lawyer, representing many of the cryptocurrency’s holders, to be a part of the ongoing legal battle.
In subsequent court hearings, John Deaton, a lawyer who represents XRP token holders, and XRP holders will be able to act as “friends of the court.”
As a result, Heaton and XRP holders will assist the court in briefing legal issues relevant to the case. However, these legal issues must first be approved in advance by the court.
Flipsider:
- The motion for XRP holders to intervene in the case was denied by the court. Hence, the court will not allow the community to offer evidence or present witnesses
Why You Should Care
The outcome of the long, drawn-out case between Ripple and the SEC is believed to have effects for the entire crypto industry. A win for Ripple would be a win for decentralization.
Swiss Post Launches Switzerland’s First Crypto Stamp
In an exciting turn of events, Switzerland’s postal service has announced the launch of the first crypto stamp. Swiss Post has launched the crypto stamps to bridge the gap between the physical and digital stamp world.
While there are 13 different designs for the stamps, Swiss Post will create a total of 175,000 stamps. Each of these unique stamps will launch with a digital version and will be sold at 8.9 Swiss francs (~$10) in a ‘blond box’ format.
Similar to NFT collectibles, the stamps can be traded, collected, or exchanged online. However, like regular stamps, owners can use them to send postal items. Swiss Post clarified that the actual stamps are digital.
Flipsider:
- Swiss Post’s crypto stamps are not the first of their kind. In 2019, Austria’s Österreichische Post released a digital stamp.
Why You Should Care
Switzerland has taken a crypto-friend approach, having recently approved the first crypto asset fund. The nation’s stand towards cryptos could encourage the greater adoption of crypto in the region.
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